Transfer to natwest e-ISA

alared

Because it`s the start of the ISA year there are bound to be delays because of the volume of business.
I can`t see extra staff being taken on because there`s a bigger amount of business to deal with.
I`d be more concerned about the amount of time it actually takes from being actioned from A to B and the amount of interest lost while the two providers faff about!

spike87

I opened a Natwest E-ISA a couple of weeks back hoping to transfer my A&L ISA in. Since April 6th I've put the full amount into A&L for this tax year. When opening the Natwest ISA I had to put an amount of money to open the account with and was told to just put £1 as it wouldn't actually go into the account.

I have just checked my online natwest account and sure enough £1 has been transferred somewhere, even though my ISA isn't showing as open yet. I certainly hope it hasn't been transferred into the new Natwest ISA or else I'm over the yearly limit and have subscribed to 2 ISA's in one tax year!

Kavanne

spike87 wrote: »

I opened a Natwest E-ISA a couple of weeks back hoping to transfer my A&L ISA in. Since April 6th I've put the full amount into A&L for this tax year. When opening the Natwest ISA I had to put an amount of money to open the account with and was told to just put £1 as it wouldn't actually go into the account.

I have just checked my online natwest account and sure enough £1 has been transferred somewhere, even though my ISA isn't showing as open yet. I certainly hope it hasn't been transferred into the new Natwest ISA or else I'm over the yearly limit and have subscribed to 2 ISA's in one tax year!

The problem here was that you selected one of your accounts for the money to come out of. You should have selected for it to go by cheque/cash. Hopefully the money will bounce back straight into your other account and won't go into the ISA.

spike87

I think I actually remember choosing my online account to transfer the money from now! Oh dear, I hope it goes back into the e-saver but I can't see HMRC complaining over £1 but I might just close the Natwest ISA now just to be completely sure.

Baldur

spike87 wrote: »

I think I actually remember choosing my online account to transfer the money from now! Oh dear, I hope it goes back into the e-saver but I can't see HMRC complaining over £1 but I might just close the Natwest ISA now just to be completely sure.

If you close it, you will not be able to subscribe this tax year's alowance anywhere else, as you will have already subscribed to the Natwest one.

Better to ring the HMRC ISA helpline, explain the situation and see what they suggest:

If you have any questions about the tax rules for ISAs

• call our ISA Helpline on 0845 604 1701 (Monday -Thursday 8.30-5.00, Friday 8.30-4.30).

Please have the information about your ISA available when you call.

System

light123 wrote: »

Very frustrated by NatWest.

I'm completely new to them so had to open a basic savings account at the same time as the E-ISA. About 10 days ago I received the application forms for both accounts for signature together with pre-paid envelopes for ID. I returned everything to them (including bank statements and other ID etc). I was then going to proceed separately with the transfer-in.

They now claim to have lost my ID and have blamed Royal Mail. They have suggested that lots of other new customers have experienced the same thing! I have been advised to submit a new application again.

I now don't know whether to hold off and see if it's just their ineptitude in processing new applications or whether to submit [two] completely new applications again. I'm also worried about ID 'going missing' in the post - ID theft?!

Clearly the answer is to go into the branch to open the account if possible.

Update: confirmed today that it is just their ineptitude. They have now 'found' my documents and application. Which is all highly reassuring!

They are clearly taking a long time to do anything at the moment.

spike87

Baldur wrote: »

If you close it, you will not be able to subscribe this tax year's alowance anywhere else, as you will have already subscribed to the Natwest one.

Better to ring the HMRC ISA helpline, explain the situation and see what they suggest:

That's the thing - I've already used my allowance for this year at Alliance & Leicester.

jetsetwilly_2

Had problems with mine too.

Opened the e-isa no problem, but they sent back my transfer form saying that I had to open an account first.

I rang them, they said they had no idea why this happened, and to complete another form.

Tried to do it in a branch, she said I had to do it online. Eventually got the form from her.

Have 1 problem, my A&L Isa has 10 digit account number and Nat West say they can only accept 8 digit accounts. Any ideas please? No mention of sort code either on my A&L account???

Baldur

spike87 wrote: »

That's the thing - I've already used my allowance for this year at Alliance & Leicester.

The advice to ring the helpline still applies.

Baldur

jetsetwilly wrote: »

Have 1 problem, my A&L Isa has 10 digit account number and Nat West say they can only accept 8 digit accounts. Any ideas please? No mention of sort code either on my A&L account???

Read throuth the last few posts on the following thread - http://forums.moneysavingexpert.com/showthread.html?p=20737611#post20737611